Recapture of Input Tax Credits

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Businesses with annual taxable supplies greater than $10 million, as well as certain financial institutions (a bank, a trust corporation, a credit union, an insurance company, an insurance segregated fund trust, an investment plan or another non-listed financial institution), must report the recaptured portion of input tax credits (ITCs) attributable to:

  • the provincial portion of the HST payable on certain goods and services acquired in Ontario after July 1, 2010; and
  • the provincial portion of the HST payable on certain goods and services acquired in Prince Edward Island after April 1, 2013.

Businesses and financial institutions must report the recaptured portion of ITCs using either of the following online services:

Goods and services covered

The following goods and services acquired by the business or the financial institution are covered by the measure:

  • power, except when it is used to produce products intended for sale
  • road vehicles under 3,000 kg, including parts, repairs and fuel and, in Ontario and Prince Edward Island only, the fuel to run these vehicles
  • food, beverages and entertainment
  • telecommunications services other than Internet access and toll-free numbers
Note

Goods and services purchased by a farming operation and consumed or used mainly for farming activities are not covered by the measure.

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